Norway Gross Domestic Product (GDP) y/y
Norway's Gross Domestic Product (GDP) y/y reflects the monetary value of all goods and services produced domestically during a given quarter compared to the same quarter of the previous year.
There are three approaches to the calculation of GDP: from production perspective, in terms of revenues received and in terms of expenditures incurred.
- The production approach for GDP calculation is based on the calculation of value added (interim costs are subtracted from the total value of manufactured goods).
- Income approach includes the sum of value added of four parts: compensation of employees, taxes on products and production less subsides, gross operating surplus and other income.
- Expenditure approach is the sum of all final expenditures within the economy. This includes final expenditure on consumption, gross capital formation and net exports of goods and services.
All three approaches are applied in the Norway's GDP calculation. The source data for the GDP calculation is taken from National Accounts, which include producer and consumer price indices, retail price data, production output data, labor market indicators, data on household income, etc. To separate the real change in GDP from inflationary processes, a deflator is additionally applied.
GDP is the main measure of the country's economy strength. Stable GDP growth indicates the sustainability of both the economic and financial system. Therefore, it can be seen as positive for the Norwegian krone quotes.
The chart of the entire available history of the "Norway Gross Domestic Product (GDP) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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